The General Ledger Account for Accounts Receivable Shows a Debit

question 9

Multiple Choice

The general ledger account for Accounts Receivable shows a debit balance of $25,000.Allowance for Uncollectible Accounts has a credit balance of $1,500.Net sales for the year were $250,000.In the past,3 percent of sales have proved uncollectible,and an aging of accounts receivable resulted in an estimate of $10,000 of uncollectible accounts receivable. Using the accounts receivable aging method,the entry to record the Uncollectible Accounts Expense is:

• A) Uncollectible Accounts Expense 10,750
• Allowance for Uncollectible Accounts 10,750
• B) Uncollectible Accounts Expense 8,500
• Allowance for Uncollectible Accounts 8,500
• C) Uncollectible Accounts Expense 10,000
• Allowance for Uncollectible Accounts 10,000
• D) Uncollectible Accounts Expense 11,500
• Allowance for Uncollectible Accounts 11,500

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Definitions:

Primary Alcohols

Organic compounds featuring a hydroxyl group (-OH) attached to a primary carbon atom, often reactive and used in the production of various chemicals and solvents.

Carboxylic Acids

Organic compounds characterized by the presence of at least one carboxyl group (-COOH), which includes substances like acetic acid and butyric acid.

Lithium Aluminum Hydride

A powerful reducing agent used in organic synthesis to reduce esters, carboxylic acids, and amides to alcohols.

Major Organic

The primary organic compound formed as the principal output in a chemical reaction.